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Mahindra Susten Achieves Financial Closure for 45 MW Solar Project in Punjab

Mahindra Susten, the clean-tech arm of the Mahindra Group, has successfully secured financial closure for its 45 MW solar power project in Bathinda, Punjab. The project, developed by Neon Hybren, a wholly-owned subsidiary of Mahindra Susten, received rs1.4 billion in funding from the Export-Import Bank of India under its sustainable finance program.

The solar project has a power purchase agreement (PPA) with Swaraj Tractors, part of Mahindra Group’s farm equipment division, which will source renewable energy from Mahindra Susten’s 26 MW group captive solar project in Punjab. By leveraging sustainable financing and strategic partnerships, Mahindra Susten aims to continue delivering scalable and environmentally responsible energy solutions.

Since its inception in 2010, Mahindra Susten has developed over 1.5 GW of independent power producer (IPP) renewable energy assets and is currently developing an additional 1.9 GW of IPP projects. The company has executed more than 4.2 GW of renewable energy projects as an engineering, procurement, and construction (EPC) contractor across India and internationally. Its operational portfolio includes 3.9 GW of IPP assets and six projects under development.

Earlier in 2025, Mahindra Susten’s subsidiary, Illuminate Hybren, won NHPC and NTPC solar auctions, securing 360 MW of capacity at competitive tariffs. In December 2024, Mahindra Susten also secured rs14.48 billion in financing from HDFC Bank and Axis Bank for 560 MW of solar projects in Gujarat and Rajasthan, further supporting its long-term PPAs with Gujarat Urja Vikas Nigam and Rajasthan Urja Vikas Nigam.

This financial closure reinforces Mahindra Susten’s commitment to expanding India’s renewable energy capacity while promoting sustainable, large-scale solar projects.